Libya to relaunch oil exploration with first tender since 2011 civil war

Libya is seeking to reestablish itself as a key player in the energy sector by inviting global energy giants to participate in its first oil exploration tender since the 2011 civil war, according to Bloomberg. The announcement marks a significant step in the oil-rich nation’s efforts to recover from years of instability, 

The bidding process, set to begin at the end of 2024 or early 2025, will include both onshore and offshore blocks, Oil Minister Khalifa Abdul Sadeq revealed during the Adipec energy conference in Abu Dhabi. The exploration areas will reportedly cover Libya's Sirte, Murzuq, and Ghadames basins.

Despite holding Africa’s largest proven oil reserves, Libya has struggled to attract foreign investment due to prolonged unrest between its rival factions. The country’s last oil exploration tender occurred in 2007, four years before the fall of former dictator Moammar Gadhafi and the subsequent civil war.

The tender comes on the heels of a breakthrough agreement between Libya’s two rival governments—one based in the east and the other in the west—over central bank leadership. This resolution helped restore oil production to over 1.3 million barrels per day, a figure that could rise to 1.6 million barrels if previously appraised fields are developed, according to Abdul Sadeq.

The oil minister also disclosed that five international oil companies have expressed interest in resuming operations in Libya next year. To support these developments, Libya plans to spend $17 billion over the coming years on upgrading its energy infrastructure and developing new fields, according to Bloomberg.